One of the key challenges highlighted in Shell Tameer Focus Group Discussion was the lack of awareness and complications in formal business registration for young Pakistani start-ups.
To address the challenge highlighted, Shell Tameer organized a workshop on “Business Formalization for Start-Ups” in collaboration with Institute of Business Administration (IBA), one of the top notched business schools in the country.
The key objective of the workshop was to encourage young start –ups towards formal business registration and help them understand the legal aspects and benefits of business formalization.
17 start-ups from IBA’s incubation center were trained by two subject matter experts, Barrister Altaf Qureshi Co- Founder -WUKLA and Mr. Feroz Ahmed – Manager Training & Legal- Small and Medium Enterprise Development Authority (SMEDA).
Barrister Altaf, provided valuable insights on the benefits of formal business registration while highlighting the common legal hindrances and the solutions to address them.
Mr. Feroze shared his learnings on step by step registration process and the role of SMEDA to facilitate young start-ups in this progression.
The workshop was observed by the faculty members and the leadership of IBA’s Centre for Entrepreneurial Development (CED).
"This workshop was indeed a requirement for our startups to formalize their businesses and we hope that they will benefit from this workshop” said Mr. Muhammad Talha - Manager-Incubation & Outreach Activities (CED).
According to a news report in Daily Dawn, Pakistan’s informal economy is expanding at a rapid pace. while, the formal sector appears to be on the retreat. Shell Tameer aims to offer more opportunities like this to significantly contribute towards the national economic growth by encouraging formal business trends.